The Factory of the Future in Vienna hosted the Global Manufacturing and Industrialisation Summit (GMIS) roadshow in Austria, where experts from the manufacturing sector came together to address the financial implications of the Fourth Industrial Revolution and the associated skills that are required by the future workforce.

The event was attended by Hamad Al Kaabi, UAE Ambassador to Austria, Ernst Nevrivy, Mayor of Seestadt District and Peter Kuen, Head of the Technology Services at theWirstchaftsagentur Wiener.

The Factory of the Future is located at the Aspern IQ Technology Centre in Vienna's Seestadt District. It provides an opportunity for start-ups, small and medium-sized enterprises to test and deploy the latest technologies of the Fourth Industrial Revolution and 3D printing, in particular, in manufacturingprocesses.

The industrial sector is of great importance to the Austrian economy, with a contribution to the Austrian GDP of over 100 billion Euros in 2016. The size of the industrial workforce reached 695,000, representing 24% of the labor market force in Austria.

Austria is also an important manufacturing powerhouse inEurope and elsewhere globally, with small and medium-sizedenterprises leading the activities for the manufacturing sector. Austria is well known for its machinery, steel, chemical, electronic and electrical industries. The domestic energy sectorcovers approximately one-third of energy consumption in Austria, and almost 70% of the energy generated comes from renewable sources.

In his opening speech, Hamad Al Kaabi, UAE Ambassador to Austria, said: "UAE is looking to invest into industrial regeneration, seeking alliances with global manufacturers to build new industries in the region and globally. My government intends to increase manufacturing contribution to GDP from 11% to 25% over the next 10 years" .

"We have created in the UAE a business friendly platform that promotes the creation of knowledge, innovation and technology"

During the event, participants discussed the role of small and medium-sized enterprises in shaping the future of the manufacturing sector, and the disruptive nature of the Fourth Industrial Revolution on business models, as well as newfinancing initiatives that support the growth of manufacturingcompanies. Another highlight of the event was the debate onskills that are necessary for the future workforce to adapt with the disruptive changes created by the digital transformation of traditional manufacturing processes. Studies indicate that Austrian companies, especially small and medium-sizedenterprises, intend to invest up to 100 billion Euros to achieve digital transformation, raising many questions about new methods for financing these investments and the associated training and qualification costs that will be incurred.

Commenting on the great turnout in Vienna, Badr Al-Olama, Chairman of Strata Manufacturing PJSC and Head of the Global Manufacturing and Industrialisation Summit Organising Committee, said: "Hosting our roadshow at a Factory of the Future is amplifies the importance of the the Fourth Industrial Revolution on the manufacturing sector, and the importance of striking a balanced partnership between the public and private sectors, NGOs, technology companies and financial institutionsto achieve economic transformation that contributes to theSustainable Development Goals of the United Nations and promotes global prosperity."

"Since its inception, GMIS has placed great emphasis on the role of SMEs in driving innovation, creating jobs, diversifying the economy and empowering the youth to lead digital transformation. Our partners in Austria are able to share their experiences with the development of SMEs and the manufacturing workforce in achieving economic growth, and gradually building one of the world’s largest and most dynamicmanufacturing sectors."

Michael Zimmermann, International Projects Network, Austrian Federal Economic Chamber, Austrian Economic Chambers, said: "The digital transformation will impact innovation, jobs and the structure of the economy. Our Forum in Vienna on the "Future of Industrial Manufacturing" showcased some of the futuristic solutions that Austrian companies are developing, such as integrating humans and robots in the production process. These changes in manufacturing also need motivated and skilled people, a big challenge for the years to come. GMIS, which Austria is supporting since its inception, is an excellent opportunity for companies, research institutions and their partners to bring forward this global agenda for manufacturing."

The Global Manufacturing and Industrialisation Summit (GMIS) was established in 2015 to build bridges between manufacturers, governments & NGOs, technologists and investors in harnessing the Fourth Industrial Revolution’s transformation of manufacturing to the regeneration of the global economy.

A joint initiative by the UAE Ministry of Economy and the United Nations Industrial Development Organization (UNIDO), it is a platform for global good, working to the benefit of all.

As the world’s first ever global gathering of the manufacturing community which was held in Abu Dhabi in March 2017, the Global Manufacturing and Industrialisation Summit brought together over 3000 leaders from the government, business and civil society sectors to identify trends and opportunities in technology and innovation; global value chains; skills, employment and education; sustainability and the environment; infrastructure; standards and stakeholder alignment.